The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $94,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $35,040. The cost of the merchandise sold was $20,610. 5 Purchased merchandise on account from Papoose Creek Co., $50,800, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 6 Returned $12,000 ($16,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $14,030 with terms n/15. The cost of the merchandise sold was $9,130. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $243,720. The cost of the merchandise sold was $148,260. 15 Paid Papoose Creek Co. on account for purchase of November 5. 23 Received cash on account from sale of November 8 to Quinn Co. 24 Sold merchandise on account to Rabel Co., $52,500, terms 1/10, n/30. The cost of the merchandise sold was $36,660. 28 Paid VISA service fee of $3,750. 30 Paid Quinn Co. a cash refund of $1,710 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles CHART OF ACCOUNTS Harrison Company General Ledger ASSETS 110 Cash 121 Accounts Receivable-Quinn Co. 122 Accounts Receivable-Rabel Co. 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Moonlight Co. 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing REVENUE 410 Sales 610 Interest Revenue

The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $94,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $35,040. The cost of the merchandise sold was $20,610. 5 Purchased merchandise on account from Papoose Creek Co., $50,800, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 6 Returned $12,000 ($16,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $14,030 with terms n/15. The cost of the merchandise sold was $9,130. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $243,720. The cost of the merchandise sold was $148,260. 15 Paid Papoose Creek Co. on account for purchase of November 5. 23 Received cash on account from sale of November 8 to Quinn Co. 24 Sold merchandise on account to Rabel Co., $52,500, terms 1/10, n/30. The cost of the merchandise sold was $36,660. 28 Paid VISA service fee of $3,750. 30 Paid Quinn Co. a cash refund of $1,710 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles CHART OF ACCOUNTS Harrison Company General Ledger ASSETS 110 Cash 121 Accounts Receivable-Quinn Co. 122 Accounts Receivable-Rabel Co. 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts Payable-Moonlight Co. 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing REVENUE 410 Sales 610 Interest Revenue

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

The following were selected from among the transactions completed by Harrison Company during November of the current year:

Nov.	3	Purchased merchandise on account from Moonlight Co., list price $94,000, trade discount 25%, terms FOB destination, 2/10, n/30.
	4	Sold merchandise for cash, $35,040. The cost of the merchandise sold was $20,610.
	5	Purchased merchandise on account from Papoose Creek Co., $50,800, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice.
	6	Returned $12,000 ($16,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.
	8	Sold merchandise on account to Quinn Co., $14,030 with terms n/15. The cost of the merchandise sold was $9,130.
	13	Paid Moonlight Co. on account for purchase of November 3, less return of November 6.
	14	Sold merchandise on VISA, $243,720. The cost of the merchandise sold was $148,260.
	15	Paid Papoose Creek Co. on account for purchase of November 5.
	23	Received cash on account from sale of November 8 to Quinn Co.
	24	Sold merchandise on account to Rabel Co., $52,500, terms 1/10, n/30. The cost of the merchandise sold was $36,660.
	28	Paid VISA service fee of $3,750.
	30	Paid Quinn Co. a cash refund of $1,710 for damaged merchandise from sale of November 8. Quinn Co. kept the merchandise.

Required:

Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles

CHART OF ACCOUNTS

Harrison Company

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable-Quinn Co.
122	Accounts Receivable-Rabel Co.
125	Notes Receivable
130	Merchandise Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
211	Accounts Payable-Moonlight Co.
212	Accounts Payable-Papoose Creek Co.
216	Salaries Payable
218	Sales Tax Payable
219	Customer Refunds Payable
221	Notes Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense

JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
3
4
5
7
8
10
11
12
13
6.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.